The Economic and Financial Crimes Commission (EFCC) has released the names of two more suspects allegedly involved in the N1.3 trillion Crypto Bridge Exchange (CBEX) scam.

This brings the total number of suspects to eight, strengthening the commission’s efforts to apprehend the criminals.

Note that a Federal High Court in Abuja earlier gave the EFCC permission to arrest and detain six suspects connected to the investigations into the CBEX scam.

The six suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim as the 1st through 6th defendants, respectively.

As EFCC investigations advanced, one of the wanted suspects, Adefowora Abiodun Olaonipekun, surrendered himself to the EFCC for interrogation.

EFCC declares Folashade Odelana, Bamidele Ayodele Abiodun wanted

EFCC released a statement signed by Dele Oyewale, Head of Media and Publicity, declaring Folashade Odelana and Bamidele Ayodele Abiodun wanted as new suspects in its investigations.

The duo were also accused of orchestrating fraudulent activities that led to significant losses for investors on the CBEX platform.

According to the post released on Wednesday, 4 June 2025, Folashade Odelana is 31 years old, while Bamidele Ayodele Abiodun is 32 years old. The last known address of both suspects is No. 17 Oremeta Street, Allen, Ikeja, Lagos State.

EFCC urged the public to help provide information to trace the suspects.

The post read:

“Anybody with useful information as to their whereabouts should please contact the commission in its Ibadan, Enugu, Kano, Lagos, Gombe, Port Harcourt, Abuja offices.”

The commission also included contact numbers and email addresses for members of the public to reach out with information.

In another post, the EFCC also declared foreign national Elie Bitar wanted in connection with CBEX.

CBEX crashes, traps N1.3 trillion of users' funds

CBEX, an online investment platform that promised 100% returns in 30 days, was reported to have been in operation in Nigeria for about a year.

In April 2025, the platform first restricted withdrawals for a 5-day period before all users observed that their account balances had vanished.

EFCC investigations reveal that it was being operated by a group of foreign nationals in collaboration with some Nigerians.

Amid ongoing investigations, the CBEX platform relaunched, onboarding new users with fresh promises and assurances.

EFCC recovers some funds from CBEX crypto wallets

Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC), confirmed that EFCC has recovered some funds from CBEX.

The chairman of the anti-graft commission disclosed, while speaking in an interview on TVC, that the money was traced to several cryptocurrency wallets and some of it had been recovered.

EFCC reassures investors of recovery efforts

In related news, EFCC has assured CBEX investors that it would recover and return the money invested to them.

The Securities and Exchange Commission (SEC) also announced that it had commenced investigations to locate the operators and would hunt them down.

Legit.ng reported that the two federal government agencies vowed to work together to apprehend the operators of CBEX and other Ponzi schemes in the country.